Oil prices eased slightly in choppy trade on Thursday with Brent still below $70 under pressure from trade tariffs between the U.S., Canada, Mexico and China, and OPEC+ plans to raise output. Those factors and a larger than expected build in U.

The international benchmark fell to its lowest point since 2021 after a decision by Saudi Arabia and other producers to pump more crude surprised the markets.

Crude oil futures tumbled to trade near their lowest levels in years on Wednesday as jitters about U.S. tariffs and a surprising production hike from OPEC+ rattled commodities markets.

Oil headed lower for a fourth straight session Wednesday, with crude prices hitting their lowest levels since September, on prospects for a global trade war that could dent demand and plans by major oil producers to begin unwinding output cuts next month.

Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns U.S. tariffs on Canada, Mexico and China will slow economic and fuel demand growth hammered investor sentiment.

Oil prices had already been trading lower in the last few weeks, partly because of expectations that US president Donald Trump could swiftly end Russia’s war in Ukraine. This, in turn, is likely to increase Russian oil output thanks to sanctions relief.

Oil futures were little changed early Thursday, attempting to find their footing after ending the previous session at six-month lows.